Ulaanbaatar
Development Bank to finance major projects and programs only
Politics
Ulaanbaatar /MONTSAME/ At its regular meeting on May 1, the Cabinet assigned the Board of Directors of the Development Bank of Mongolia to immediately cease the issuance of low interest loans for commercial banks and fund major projects and programs only.
Head of the Cabinet Secretariat L.Oyun-Erdene was assigned to renew a composition of the Board of Directors, change the executives, who worked irresponsible, and put an experienced international team in
charge of the bank’s management.
The working group, set up by the Government Resolution No:76,
found 63 violations in the bank’s activities. Thus, the corresponding Minister and the
Board of Directors were given a duty to take measures for eradicating the violations
and oversee the implementation of the recommendations given during the
inspection and report to the government within the third quarter of 2019.
